SEB Asset Management AB Buys Shares of 213,891 Crinetics Pharmaceuticals, Inc. $CRNX

SEB Asset Management AB bought a new position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) during the first quarter, Holdings Channel reports. The institutional investor bought 213,891 shares of the company’s stock, valued at approximately $7,769,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Smartleaf Asset Management LLC grew its position in shares of Crinetics Pharmaceuticals by 107.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock valued at $30,000 after buying an additional 331 shares during the last quarter. Headlands Technologies LLC acquired a new position in Crinetics Pharmaceuticals in the second quarter valued at approximately $30,000. Raymond James Financial Inc. bought a new position in shares of Crinetics Pharmaceuticals during the second quarter valued at approximately $45,000. Parallel Advisors LLC raised its position in shares of Crinetics Pharmaceuticals by 34.6% during the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after purchasing an additional 315 shares during the period. Finally, Arax Advisory Partners lifted its holdings in shares of Crinetics Pharmaceuticals by 131.2% in the 4th quarter. Arax Advisory Partners now owns 1,498 shares of the company’s stock worth $70,000 after purchasing an additional 850 shares during the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Wall Street Zen upgraded Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Sunday, July 12th. Oppenheimer restated a “market perform” rating on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 7th. Cantor Fitzgerald cut shares of Crinetics Pharmaceuticals from an “overweight” rating to a “hold” rating in a report on Tuesday, July 7th. Evercore lowered shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Finally, HC Wainwright cut shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and upped their target price for the stock from $81.00 to $85.00 in a research report on Tuesday, July 7th. Six investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $78.27.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX opened at $83.90 on Wednesday. Crinetics Pharmaceuticals, Inc. has a one year low of $25.83 and a one year high of $84.00. The stock’s fifty day moving average is $46.60 and its 200-day moving average is $44.30. The firm has a market capitalization of $8.85 billion, a price-to-earnings ratio of -16.35 and a beta of 0.23.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($1.23) earnings per share for the quarter, missing the consensus estimate of ($1.22) by ($0.01). The company had revenue of $10.73 million during the quarter, compared to analyst estimates of $8.51 million. Crinetics Pharmaceuticals had a negative return on equity of 43.96% and a negative net margin of 2,747.18%.The business’s revenue for the quarter was up 2873.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.04) EPS. Analysts forecast that Crinetics Pharmaceuticals, Inc. will post -4.86 EPS for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In other news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total value of $120,000.00. Following the completion of the sale, the director directly owned 19,225 shares of the company’s stock, valued at approximately $769,000. This represents a 13.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total transaction of $246,123.00. Following the completion of the sale, the director directly owned 6,400 shares of the company’s stock, valued at approximately $228,288. This represents a 51.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is currently owned by insiders.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.